Williams condemns decision to bar Pe'er



DUBAI // Venus Williams, the five-time Wimbledon champion, yesterday condemned the decision to prevent the Israeli player Shahar Pe'er from competing in this week's Dubai Tennis Championships. Pe'er was refused a visa to the UAE. Tournament organisers said they were concerned for her safety. Williams, a leader in the Women's Tennis Association (WTA), suggested that the players might not return for the tournament next year because of how Pe'er was treated.

"I know she had previously played in the Middle East, in Doha last year, so it was my understanding that she would have the opportunity to play here also despite any legislative issues," William said. "Obviously I'm disappointed she hasn't had the chance to play because she is a good person and she works just as hard as everyone else on the tour and should have the opportunity of playing. She was asked why, if she felt so strongly about Pe'er's exclusion from the tournament, she had not led a players' boycott.

"I think that we all have to look at the bigger picture, and the biggest part of the picture is that Shahar Pe'er didn't get the chance to play. But making an immediate decision this year was not practical. "We have sponsors and fans and everyone who has invested a lot in the tournament. I think we are all going to consider what our options are next year, but obviously we didn't even know about this until Saturday."

Williams, who is a member of the WTA Players' Council, which will meet next month to discuss the issue, added: "Obviously my first reaction was that it was unfair. I'm very supportive of Shahar in whatever way I can be. "It is very important to me to be a council member, because I'm part of representing the players, getting their opinions and representing them on everything. So it is a huge matter of concern for me."

Asked what might happen next week when the Israeli men's doubles player, Andy Ram, tries to enter the UAE, she said: "I hope the message would be that, the second time around, they would have an opportunity for every person to play." Jelena Jankovic, the world No 3 from Serbia, made a shock exit from the tournament last night after being beaten by the Estonian Kaia Kanepe. Jankovic was despatched 6-2, 7-5 in 85 minutes.

Serena Williams faced Chinese Jie Zheng and after a tight first set coasted into the quarter-finals a 6-4, 6-2 winner. wjohnson@thenational.ae

RESULT

Leeds United 1 Manchester City 1
Leeds:
 Rodrigo (59')
Man City: Sterling (17')

Man of the Match: Rodrigo Moreno (Leeds)

COMPANY%20PROFILE
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'Falling%20for%20Christmas'
%3Cp%3EDirector%3A%20Janeen%20Damian%3Cbr%3E%3Cbr%3EStars%3A%20Lindsay%20Lohan%2C%20Chord%20Overstreet%2C%20Jack%20Wagner%2C%20Aliana%20Lohan%3Cbr%3E%3Cbr%3ERating%3A%201%2F5%3C%2Fp%3E%0A

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

The%20Kitchen
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COMPANY%20PROFILE%20
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Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4

The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail

Company%20profile
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THE BIO

Favourite place to go to in the UAE: The desert sand dunes, just after some rain

Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude

Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE

Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally

Favourite subjects in school: Mathematics and science

The%20specs
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Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding

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